National Pension Service Lowers Stock Holdings in Targa Resources, Inc. $TRGP

National Pension Service trimmed its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 5.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 267,970 shares of the pipeline company’s stock after selling 13,968 shares during the period. National Pension Service’s holdings in Targa Resources were worth $71,853,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Atlantic Union Bankshares Corp bought a new position in Targa Resources during the 4th quarter valued at approximately $27,000. First Eagle Investment Management LLC raised its stake in Targa Resources by 381.0% during the second quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company’s stock valued at $27,000 after buying an additional 80 shares during the last quarter. Miller Capital Partners Inc. bought a new stake in Targa Resources in the fourth quarter worth $30,000. Leonteq Securities AG bought a new stake in Targa Resources in the fourth quarter worth $31,000. Finally, Jones Financial Companies Lllp purchased a new stake in shares of Targa Resources in the second quarter worth $32,000. 92.13% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

TRGP has been the subject of several analyst reports. Citigroup restated a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Truist Financial upped their price target on shares of Targa Resources from $289.00 to $312.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. UBS Group reissued a “buy” rating and set a $318.00 price objective on shares of Targa Resources in a research report on Thursday, July 9th. Morgan Stanley raised their price objective on shares of Targa Resources from $333.00 to $343.00 and gave the company an “overweight” rating in a research note on Tuesday, August 18th. Finally, Wolfe Research set a $335.00 target price on shares of Targa Resources in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $309.94.

Targa Resources Stock Down 0.6%

Targa Resources stock opened at $290.25 on Friday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $307.94. The stock has a fifty day simple moving average of $280.39 and a two-hundred day simple moving average of $261.98. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01. The firm has a market cap of $62.24 billion, a price-to-earnings ratio of 27.75, a PEG ratio of 1.38 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The firm had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. Equities analysts predict that Targa Resources, Inc. will post 11.32 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were paid a dividend of $1.25 per share. The ex-dividend date was Friday, July 31st. This represents a $5.00 annualized dividend and a yield of 1.7%. Targa Resources’s dividend payout ratio is currently 47.80%.

Insider Buying and Selling at Targa Resources

In other news, Director Paul W. Chung sold 1,816 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the transaction, the director directly owned 44,000 shares of the company’s stock, valued at $13,028,840. The trade was a 3.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Waters S. Iv Davis sold 2,400 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the transaction, the director owned 1,529 shares in the company, valued at approximately $458,195.43. This trade represents a 61.08% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 7,216 shares of company stock worth $2,127,634. Company insiders own 1.37% of the company’s stock.

About Targa Resources

Targa Resources Corp. (NYSE: TRGP) is a midstream energy infrastructure company that gathers, processes, transports and fractionates natural gas and natural gas liquids (NGLs). Its operations connect producers with downstream markets and include natural gas gathering and processing, NGL fractionation, storage, transportation and marketing, as well as crude oil gathering and logistics.

The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and export infrastructure across the United States.